Modesto, CA

If you have not been there you should. It is a weekly meeting every Wednesday morning from 8:30 to 9:30 am. There are weekly speakers and property discussions and a chance to network with others from Realtors, lenders, title reps and officers, to inspectors, insurance and marketing experts. We even have restarted the property tour (once a month on the third Wednesday of the month) thanks to Nino Pascolati's help getting it started. Check the video of the tour that Sarah Fields made. you can check it at www.cvmarketingmeetings.com

So if you have never been there it is time to start and if you have not been there for a while we all love to see you back.

Real Estate Agent's wear many, many, many…many hats.

As and Short Sale or REO Agent we MUST be efficient at managing several properties at a time and making sure that those properties are being maintained property. Within the last two years, Real Estate Agents and Firms have received a bad rep for not taking care of the properties. Even Agents, who put their best foot forward to convince Asset Managers and Lenders to give more allowance to get repairs done and keep the property in good condition. Unfortunately, agents weren’t always getting the support that was needed to keep property in the recommended condition. It is imperative that agents pay special attention to the properties they are managing so they do not remain or become a Public Nuisance.

The Modesto Municipal Code defines a public nuisance as: A public nuisance consists of doing any act, or permitting or allowing any condition or thing to exist, occur, or accumulate upon any property within the City that is injurious to health, indecent or offensive to the senses, or an obstruction to the free use of property, so as to interfere with the comfortable enjoyment of life or property and endangers the health or safety of others. (Added by Ord. 3106-C.S., § 2, effective 12-3-98)

Vacant, abandoned, and unkept properties:

• Attract transients (squatter) and criminals, including drug dealers and abusers become a danger to children.
  
• Become a dumpers dream. Dumpers will use grounds for dumping furniture, tires, garbage, junk, and debris that can become overgrown with weeds and vegetation; Thus, increasing the risk of fire for the building and adjacent properties
  
• Attract vandals, encourage graffiti, and disrupt economic development (disrupting neighborhood stability and slowing appreciation of property values).
  
• Deny neighboring property owners and residents full use and enjoyment of their property.
  

Failure to maintain the property will constitute a violation of Code and a public nuisance. The maximum fine for a code violation is $2,500 (amount varies depending on violation) per violation for each for each day during which the person maintaining the property continues to allow the property to go uncared for.

Real Estate Agents/Brokers are required to:

• Comply with all laws and codes, including zoning historic preservation, housing, and building codes.
  
• Monitor, maintain, and inform the Asset Manager of any changes in the property and take proper action immediately.
  
• Place a notice on the property containing contact information (must be for both business and non-business hours, 24 hours a day, 7 days a week), so if anything occurs regarding the property, you can be contacted in a timely manner.
  
• Contact the city’s Neighborhood Preservation Unit (City of Modesto) or Preservation Services Department.
  

If you received a violation but need additional time to correct the violation contact the Code Enforcement Officer (if HOA, contact person on the violation), who issued the citation and make arrangements for the extension.

If a buyer is willing to accept the property “As-Is”, the City may be willing to clear the title (depending on the violation), if buyer signs a “Stipulation Agreement” that acknowledges the violations and agrees to the City’s conditions to bring them into compliance. There typically is a charge to get the Stipulation Agreement through the City, this can take at least 10 days to receive.

Report ALL in-process emergencies like a fire, break-in, or vandalism through 9-1-1 immediately. Contact the police department if incident was discovered after it already happened and be sure to communicate violation to the seller and/or Asset Manager.

How well you maintain your properties can utimately determine your faith in being successful in this market. So, put on your PRESERVATION & MANAGEMENT hat on and do your due diligence in maintaing your client's property.

On Friday May 8, 2009, I gave a training on WinForms to Realtors in the area. The training was held at Phoenix University which was sponsored by CVAR (http://www.CVAR.ORG).

There were 50 participants and within the 2 hours training, I was able to cover the basics of using WinForms Desktop and Online and featuring the DocuSign (an online digital singing).

CVAR will be providing this training free to Realtors quarterly or as needed at different location to accommodate its association members as an added benefit.

Part of the the topic in the training is to demonstrait the difference between the Destop and the Onloine versions and how to utilize the templates to streemline writing a CAR purchasing and listing agreement forms.

Make sure to join http://activerain.com/groups/CVAR for updates and information.

We have much to be thankful for! Professionally, this year has been so challenging compared to years past... but with the support and trust of our family and friends, we have seen our way through. We are greatful for the relationships we've built over the years and I hope that together, we can continue to prosper.

Although, purchasing a home can be a tedious process, the right Real Estate Agent can make it a relatively smooth one. Researching information on the homeownership process will also benefit you. Throughout this blog series...I have tried to walk the homebuyer through the process from selecting your Real Estate Agent to House Hunting to understanding negotiating your offer and now closing the escrow transaction.

Escrow closing signifies legal transfer of title from the seller to the buyer. Once all the conditions of the escrow have been satisfied your Escrow Officer will inform you or your Real Estate Agent of the date escrow will close and takes care of the technical and financial details.

Closing day is also the day to pay "closing" or settlement costs (accumulation of separate charges paid to different entitles for the professional services associated with the buying and selling of Real Property). Closing costs will vary; however, when buying your home and obtaining a new loan, an estimate of your closing costs will be provided to you due to the Real Estate Settlement Procedures Act after you submit your loan application. The Real Estate Settlement Act provides you with a good faith estimate of what your closing costs will be in the real estate process.

Upon closing, the title or escrow company will disburse monies to the different parties that have fulfilled their responsibilities, according to the escrow instructions, once funds are available.

So...what are you expected to pay for at closing? In California, "who pays" varies from county to county. This question is best answered by a matter of agreement between the buyer & seller. Usually this agreement is based on the customary practice in your county.

Here is a list of possible closing costs (buyer)

• Title Insurance Premiums
• Escrow Fee
• Document Preparation Fee
• Notary Fees
• Termite Inspection (according to contract)
• Recording charges for all documents in buyers name
• Interest on new loan from date of funding to 30 days prior to first payment
• Inspection Fees
• All new loan charges
• Tax proration
• Beneficiary statement fee for assumption of existing loan
• Homeowner's Association Transfer Fee
• Home Warranty
• Any city Transfer tax/Conveyance Tax
• Fire Insurance premium for first year
• Impounds (If applicable)

*Fees may be negotiable

At closing, all parties signing the documents must bring proper identification which may be a valid driver's license, identification card or current passport. The Title Company will schedule a time to meet a notary or attorney (depending on the state you live in) to witness the signatures and verify your identity. Remember, the notary is not a legal counsel and can not give you legal advice.

The signing can take place at the title or escrow company, your home, or even your place of work. It is always better to meet at the escrow or title company to have personnel available to review and explain your title policy and your closing statement. As your Mother and Daughter Realty Team, we make it a point to always be present at the closing to assure your questions and concerns are answered promptly and acurately. Allow 35 to 60 minutes for your signing appointment.

The title or escrow company will inform you the amount due at the time of closing. The amount due needs to be made in cashier's check, issued by a California institution, made payable to the title company or escrow office.

*If you have further questions that your title, escrow officer, Real Estate Agent or Loan Officer can not answer. Or if you need legal or tax advice, contact your attorney or accountant.

The day escrow closes is the day the deed records with the county and you become the owner of your home (it could take 6-10 weeks from that date for the county to mail you the original signed/recorded deed. After the close of escrow, your Real Estate agent will contact you regarding the disbursement of the keys.